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- 1. Multiple Choice
Demand can also be expressed graphically as a
upward sloping curve
downward sloping curve
- 2. Multiple Choice
What is correct for the X and Y axis of a demand curve?
X axis: price
Y axis: quantity
X axis: quantity
Y axis: price
- 3. Multiple Choice
A demand curve illustrates the
differences in demand for different products.
quantities demanded at each price by consumers.
products that are most in demand.
differences in price charged by different stores.
- 4. Multiple Choice
Market demand curves are obtained by
determining the price each consumer is willing to pay for the good & summing those prices across all consumers
observing the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graph
summing the quantities every consumer is willing to buy at each different price
observing the behavior of an individual consumer in a market
- 5. Multiple Choice
The graphical representation of a demand schedule is known as --------
Demand line
Demand table
Demand Curve
Demand capacity
- 6. Multiple Choice
The amount of a good or service that consumers are willing and able to buy at a SPECIFIC PRICE
Demand
Quantity Demanded
Supply
Quantity Supplied
- 7. Multiple Choice
The market demand curve for mangos is
the same as the demand curve of one buyer
upward sloping because rich people can afford more mangos than poor people can buy
the sum of the individual demand curves of all the buyers
the sum of individual supply curves of all the sellers
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